The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $1.50/mt to $298/mt cfr on Tuesday as availability of the material tightens.
Turkish mills booked significant tonnages of ferrous scrap last week, but they still require cargoes for December shipment amid robust order books for steel products. Turkish mills are open to negotiations with scrap suppliers but offers are scarce since collection has become difficult in some countries due to restrictions related to the COVID-19 pandemic. As a result, scrap exporters have raised offer prices and some market participants hope that $300/mt cfr for US-origin HMS 1&2 (80:20) is achievable in the near future.
Rapidly changing exchange rates continue to affect daily spot rebar prices in the Turkish domestic market, which rose by TRY60-80/mt ($7-10/mt) to TRY4,500-4,600/mt ex-works, including 18pc vat, on Tuesday after the Turkish lira weakened again against the US dollar.
Daily rebar export prices in Turkey remained flat at $460-465/mt fob on Tuesday, but some mills raised offers to $470/mt fob with strong interest from Asia.
($1 = TRY8.13)